MENU

Where Mortgage Debt Is Highest

Posted by: MAAR/MLS on Thursday, July 11, 2019

For most Americans, a home purchase is the biggest purchase of their life and thus requires taking on a large amount of debt. The average mortgage debt can vary considerably from state to state.

“Cost of living and home prices are a big factor,” says Greg McBride, chief financial analyst at Bankrate. “The cost of living impacts how much you can save for something like a down payment, and home prices impact how much you have to borrow.”

Wealthier states tend to have the highest amount of mortgage debt. 24/7 Wall St., a personal finance website, pinpointed which states have the highest amount of mortgage debt. Here are the top 10:

  1. California
  • mortgage debt: $347,652
  • Median home value: $509,400 (2nd highest)
  • Median household income: $71,805 (8th highest)
     
  1. Hawaii
  • mortgage debt: $342,613
  • Median home value: $617,400 (the highest)
  • Median household income: $77,765 (3rd highest)
     
  1. Maryland
  • mortgage debt: $256,744
  • Median home value: $312,500 (9th highest)
  • Median household income: $80,776 (the highest)
     
  1. Massachusetts
  • mortgage debt: $252,624
  • Median home value: $385,400 (3rd highest)
  • Median household income: $77,385 (4th highest)

 

  1. Washington
  • mortgage debt: $250,467
  • Median home value: $339,000 (5th highest)
  • Median household income: $70,979 (10th highest)
     
  1. New Jersey
  • mortgage debt: $247,868
  • Median home value: $334,900 (6th highest)
  • Median household income: $80,088 (2nd highest)
  1. Virginia
  • mortgage debt: $246,379
  • Median home value: $273,400 (11th highest)
  • Median household income: $71,535 (9th highest)
  1. New York
  • mortgage debt: $243,244
  • Median home value: $314,500 (8th highest)
  • Median household income: $64,894 (14th highest)
     
  1. Colorado
  • mortgage debt: $241,980
  • Median home value: $348,900 (4th highest)
  • Median household income: $69,117 (11th highest)
     
  1. Connecticut
  • mortgage debt: $235,786
  • Median home value: $273,100 (12th highest – tied)
  • Median household income: $74,168 (5th highest)
     

Source: 

States With the Most Mortgage Debt,” 24/7 Wall Street (June 2019)

 

Comments

0 comments on "Where Mortgage Debt Is Highest"

Leave a Comment